Vantage Market Research
Jul 20, 2022
In terms of revenue, the Global Dock Fender Market is expected to reach USD 807.2 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.90% from 2022 to 2028.
The increasing export & import activities and technological advancement in various applications are anticipated to augment the market's growth during the forecast period.
Key Highlights from Report:
- The Extruded Fender sub-segment held a significant share in 2021. This is attributable to its ability to absorb a minimum amount of energy. As a result, they are frequently used at the wale elevation of fender pile systems. In a separator, they've also been used as festoon fenders, rub strips, and an energy absorber.
- The Oil & Gas Ports sub-segment, of the segment End-Use, is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the expansion of several refinery projects. The significant gas hydrates discoveries and increasing investments in the midstream oil and gas sector are also expected to support the segmental growth of the market.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. China accounted for the largest share in the Asia Pacific (APAC) in 2021. This is attributable to the region's growing seaborne trade and offshore construction activities.
The increasing import and export activities are anticipated to augment the growth of the Dock Fender Market in the years to come. This is owing to commercial boats and recreational boats aspiring to acquire the usage of dock fenders. Further, the rapidly growing number of boats and ships is ultimately increasing the demand for dock fenders in the current structure, which is also anticipated to stimulate market growth in the coming years. The growing technological advancements in production facilitate furnishing with advanced machines, and the durable designs of duck bumpers are the vital factors that propel the market demand.
Additionally, many travelers prefer cruise ship travel over other modes of transportation due to features such as intelligent onboard technology and a premium travel experience. The growing popularity of cruise vacations is expected to increase global demand for dock fenders. Due to a healthy order book, the shipbuilding industry has seen strong growth in recent years. Dock fenders play an essential role in developing ships in the shipbuilding sector, which is also expected to drive dock fender sales.
North America held the most significant shares in 2021. The UK welcomed the largest share in Europe for the Dock Fender Market. This is attributable to the region's increased international trade and shipbuilding activities. Further, the marine industry has swiftly developed in the past five years and is anticipated to grow in the coming years, increasing the demand for dock fenders in the region.